Replacement of zinc phosphorodithioates by zinc and phosphorus-free antiwear additives in circulating oils, gear oils and various other lubricating systems is considered highly desirable because of environmental considerations and the potential electrolytic corrosivity of zinc salts. An additive system which in addition to antiwear activity exhibits antioxidant activity and metal, e.g. copper, passivation is highly desirable. The condensates of the present invention provide outstanding FZG gear performance, low Four-ball wear and antioxidant activity. Furthermore, compositions of the invention are substantially free of corrosive elemental sulfur.